FTR (Failed to Return) Candles Indicator for ThinkorSwim

BenTen

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So this candle pattern was recently introduced to me via a weblog called A Teen Trader.

eHjK41M.png


@Korinek_Trades, the trader behind ateentrader.com describe it perfectly.

An FTR or Failed To Return, is a candle pattern in trading. What this pattern shows is that as price is in an up/down trend, price will push back and collect orders (causing a candle close of the opposite direction) before continuing the current trend.

I followed that concept and some of the illustrations on his blog and made a similar indicator for ThinkorSwim.

rM1NpfH.png

kPkc4wJ.png

YFVroxC.png


Before you start trading with the FTR indicator, be sure to read through this blog post so you understand clearly and know where to put your stop loss and profit target.

thinkScript Code

Code:
# Failed to Return Candles
# Inspired by Forex Trading Pattern as Described at https://ateentrader.com/ftr/
# Candles built from the ThinkorSwim's Candlestick Pattern Editor
# Assembled by BenTen at useThinkScript.com

# You are free to use this code for personal use, and make derivative works from it.
# You are NOT GRANTED permission to use this code (or derivative works) for commercial
# purposes which includes and is not limited to selling, reselling, or packaging with
# other commercial indicators. Headers and attribution in this code should remain as provided,
# and any derivative works should extend the existing headers.

# Define Bullish FTR Candle
def IsUp = close > open;
def IsDown = close < open;
plot Bullish_FTR =
    IsUp[4] and
    IsUp[3] and
    IsUp[2] and
    IsDown[1] and
    IsUp[0] and
    high[2] > high[1] and
    close[3] < close[2] and
    open[1] < close[0] and
    low[2] < low[1] and
    open[4] < open[3] and
    close[4] < high[3] and
    open[3] < open[2];

Bullish_FTR.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_UP);
Bullish_FTR.SetDefaultColor(GetColor(0));

# Define Bearish FTR Candle
plot Bearish_FTR =
    IsDown[4] and
    IsDown[3] and
    IsDown[2] and
    IsUp[1] and
    IsDown[0] and
    close[4] > close[3] and
    open[1] > close[0] and
    close[1] > open[0] and
    open[2] > close[1] and
    open[4] > open[3] and
    open[3] > open[2] and
    close[3] > close[2] and
    close[2] < open[1];

Bearish_FTR.SetPaintingStrategy(PaintingStrategy.BOOLEAN_ARROW_DOWN);
Bearish_FTR.SetDefaultColor(GetColor(0));

# Alerts
Alert(Bullish_FTR, " ", Alert.Bar, Sound.Chimes);
Alert(Bearish_FTR, " ", Alert.Bar, Sound.Bell);

Shareable Link

https://tos.mx/Gl5L5a
 
Last edited:

Shinthus

Active member
2019 Donor
I just want to emphasize how important it is to use this on 30min/1hr timeframes rather than short timeframes. This should totally NOT be used for day trading, lol. 5m chart is riddled with false signals.
 

Raundx

New member
2019 Donor
hey @BenTen for some reason i'm not able to get any signal on any timeframe can you double check the script?? thank you
 

Berke73

New member
how can i use this indicator in tradingview
or
Can it be converted for tradingview
 
Last edited by a moderator:

MerryDay

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Scripts on this forum are written in ThinkScript, which the proprietary language of the ToS platform and thus cannot be used on the Tradingview platform.

Given that there is no automated process to convert code from Thinkscript into Pinescript and given we are a forum of Thinkscripters.
You would have to find someone on Tradingview, who also is versed in Thinkscript to convert it for you.
 
Last edited:

vro3

Member
Hey! Is there a way to have that arrow on the bar draw a rectangle on the wick, which... then actually makes the zone that he talks about. :)


Is there's no way to automatically draw what would be * right click, rectangle tool*
 
Last edited by a moderator:

MerryDay

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Hey! Is there a way to have that arrow on the bar draw a rectangle on the wick, which... then actually makes the zone that he talks about. :)
ToS signals comprise arrows, wedges, and circular, triangular, and square dots

The ToS platform has manual rectangle drawing tool:
https://tlc.thinkorswim.com/center/reference/Drawings/Basic/Rectangle

By defining ranges, you could possibly draw something.
See example here:
https://usethinkscript.com/threads/os-ob-oscillator-boxes-on-upper-chart-for-thinkorswim.10425/
@vro3
 
Last edited:

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